I bet you didn’t think you could buy life insurance via your mobile phone right? Well, thanks to a partnership between U Mobile and Sun Life Malaysia, you will soon can. Evidently, it’s the first-of-its-kind collaboration where life insurance is offered to customers via a telco.
The unprecedented move will make the telco-assurance accessible to U Mobile’s five million customers.
At the Memorandum of Understanding (MoU) signing ceremony, U Mobile said that it continues to be customer-driven and has “unlimited ideas” to benefit its customers. Microinsurance is just one of many services it will roll out this year.
According to the Life Insurance Association of Malaysia, only 50% of Malaysian have basic life insurance coverage. The government plans to achieve an insurance penetration rate of 75% by 2020.
U Mobile’s partnership with Sun Life Malaysia will provide adequate protection for customers, at low monthly premiums.
Premiums are charged via telco billing, where customers can conveniently pay as part of their monthly bill.
Customers can also easily apply, subscribe and manage their life insurance entirely via their smartphones.
The new telco-assurance product will be made available in October 2017.
Stay tuned on u.com.my.
Header pic: Najib | TheSkop #TeamMindBlow
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